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Zepto CEO Aadit Palicha Celebrates Key Milestone with Public Release of FY24 Financial Statement

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Zepto CEO Aadit Palicha Celebrates Key Milestone with Public Release of FY24 Financial Statement

Cofounder & CEO of Zepto Aadit Palicha recently took to LinkedIn to share an important milestone in the journey of his young startup. 

The FY24 audited financial statement of Zepto is now available publicly and it has several interesting developments. 

Zepto CEO Proudly Presents the latest Audited Financial Statement of the Startup 

Palicha pointed out the key takeaways from the statement which paint an impressive picture of the company’s financials. He said: “Despite being only 3 years old, we were able to successfully close a full statutory audit by a Big 4 firm with no financial qualifications and a clean CARO. This rare achievement for a young startup is the outcome of a governance-focused culture at Zepto and early decision-making that prioritized controllership excellence (like SAP FICO integration, automated revenue-to-cash reconciliation, set up of an H2H payment system etc).” 

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Further, he also took the opportunity to praise and acknowledge key executives of the firm that he believes were absolutely essential for the company’s success, “More importantly, this was only possible because of our excellent finance team led by our CFO Ramesh Bafna and our Chief Controller Sandip Khetawat, both of whom I have been privileged to learn from :)”

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Zepto Boasts Impressive Financials

The celebrated CEO also presented key highlights about the young company’s financials. He wrote:” Our accounting revenue has grown 120% year-on-year from INR 2,025 Crores in FY23 to INR 4,454 Crores in FY24. Even with 120% growth, our absolute losses came down year-on-year with PAT as a % of revenue improving from -63% in FY23 to -28% in FY24. We expect to continue this growth momentum with a clear path to PAT profitability in the near term.” 

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Joyology: Global SS Beauty Brands’ Bold Foray into the Private Label Cosmetics Market

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Global SS Beauty Brands, a fully owned subsidiary of Shoppers Stop, has entered the private label market with the launch of Joyology, a new-age colour cosmetics brand aimed at the “masstige” segment.

An Innovative Brand With a Specific Focus

Focused on appealing to Zillennials, the brand was introduced by Biju Kassim, CEO of Global SS Beauty Brands, in an interview with ETRetail.

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With its cutting-edge concept and innovative packaging, the brand collaborated closely with Intercos for the development of both the product and packaging. In addition to being available at Shoppers Stop and SS Beauty stores, as well as on the company’s e-commerce platforms, Joyology will also be sold through major online retailers such as Nykaa, Myntra, Amazon, and Tata Cliq.

Key Executive Explains Brand Focus 

The CEO said: “The products of Joyology are affordable and manufactured in India but with the highest quality and the greatest ingredients. With the launch of this new private label brand, we want to play in various verticals that beauty as an opportunity offers in this country,” 

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When asked about the ROI, he explained: We would be at a comfortable stage in 3rd year of operation and want to scale it up further and to make sure that ROI starts flowing from 4th year onwards.”

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Meesho’s Surge: 35% Growth in Orders, Driven by Tier 2 and Gen Z Shoppers

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Meesho’s Surge: 35% Growth in Orders, Driven by Tier 2 and Gen Z Shoppers

Meesho, the e-commerce platform backed by SoftBank, announced on Friday that it has seen a 35% year-over-year increase in orders. Additionally, its user base grew by 25%, reaching 175 million in 2024. 

Company Discusses Reasons Behind this Growth 

The company attributed this growth to a rise in consumer spending and the expanding use of e-commerce in Tier 2 and smaller towns. This surge contributed to an overall 70% annual growth in orders across categories such as Beauty and Personal Care (BPC) and Home and Kitchen.

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In a statement released by the company, it was said: “With about 35 per cent year-on-year increase in orders, the platform is a clear reflection of strong consumer sentiment and the rapidly expanding adoption of e-commerce across the country. This growth is driven by India’s value-seeking shoppers, who are prioritising affordability in discretionary categories such as fashion, beauty, personal care, and home essentials,” Meesho said in a statement.

Meesho Continues to Surge to New Heights

The statement continued: “Notably, around half of this user base comes from tier 4 and smaller towns like Naidupeta (Andhra Pradesh), Sherghati (Bihar), and Harapanahalli (Karnataka). The platform also retained its position as the most downloaded shopping application for the fourth consecutive year, surpassing around 210 million downloads.”

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Meesho reported that Gen Z now makes up one-third of its total user base, becoming the fastest-growing demographic in India’s e-commerce sector.

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WayCool’s Cofounder Sanjay Dasari Steps Down After 9.5 Years, Moves to Advisory Role

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WayCool’s Cofounder Sanjay Dasari Steps Down After 9.5 Years, Moves to Advisory Role

Cofounder of agritech startup WayCool Sanjay Dasari has resigned after almost a decade with the company. 

WayCool specialises in Agricultural supply chains and branded farm and food products. 

In a statement posted on LinkedIn, the entrepreneur said: “After 9.5 incredible years building WayCool, it’s time for me to take the final step in the founder’s journey—an exit.”

WayCool Cofounder Parts Ways With Company 

Explaining the new nature of his association with the company, he said: “I’ll still be involved with WayCool in an advisory role, supporting strategic projects and fundraising efforts, but I’m stepping back from the day-to-day (sic) of the company I founded and the only job I’ve ever known.” 

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About his plans for the future, the co founder wrote: “I’m open to options and going where my curiosity takes me, weighing opportunities between operating and investing while doubling down on angel bets, mentorship and speaking.”

WayCool’s Fascinating Journey 

The company originally started as a supply chain business for agricultural products before expanding into the packaged consumer goods sector.

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On July 26, ET reported that the Chennai-based firm had laid off over 200 employees in its third round of job cuts within the year, as part of its strategy to reach profitability. Additionally, the company confirmed the exit of B.P. Ravindran, who had been leading its FMCG subsidiary, BrandsNext, which includes brands like Madhuram, Kitchenji, and Freshey’s.

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IHG Hotels & Resorts Expands Portfolio with New Holiday Inn Express in Greater Noida

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IHG Hotels & Resorts Expands Portfolio with New Holiday Inn Express in Greater Noida

A new Holiday Inn Express property is coming up in Greater Noida knowledge park. IHG Hotels & Resorts made the announcement, which adds to the growing portfolio of the brand in India. 

The newly opened Holiday Inn Express in Greater Noida, located in the rapidly growing industrial hub just outside Delhi, is designed to serve both business and leisure travellers with convenient access to key local attractions.

The Upcoming Hotel Boasts Top Notch Attractions 

This hotel features 133 contemporary rooms tailored to the needs of modern travellers. Each room is equipped with blackout curtains, premium bedding, power showers, and complimentary high-speed Wi-Fi. 

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Additionally, guests can enjoy flexible workspaces, flat-screen TVs with content mirroring capabilities, ergonomic chairs, and an abundance of USB ports and plug sockets.

Top Executives Opine on the New Project

The MD of IHG Hotels & resorts Sudeep Jain commented: “We are pleased to open a new Holiday Inn Express property located in Greater Noida, aligning with IHG’s regional goals to expand our footprint. This addition will enhance our presence in key markets and enable us to deliver innovative hospitality solutions to meet the needs of both business and leisure travellers.”

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While Ashish Jakhanwala, who is the chairman of SAMHI hotels said: “We are proud to introduce a new Holiday Inn Express hotel in Greater Noida, reinforcing our dedication to expanding our portfolio in strategic locations. This initiative allows us to cater to the increasing need for quality lodging and contributes positively to the local economy. We’re eager to offer our guests an outstanding experience that exceeds their expectations.”

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Worthy Cart Launches with Big Ambitions: Aiming for INR 20 Crore Revenue by 2025

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Worthy Cart Launches with Big Ambitions: Aiming for INR 20 Crore Revenue by 2025

Powered by AI, a new E Commerce platform Worthy Cart commenced operations on Wednesday. It has 200 onboarded brands and a projected revenue target of INR 20 crore in CY2025. 

Worthy Cart is targeting a pre-series A round of $10 million in the coming months. 

Worthy Cart Starts Its Journey with Big Ambitions 

In a statement issued by the company, its position was explained as follows: “Leveraging the rapid growth of the beauty and wellness sectors, it aims to scale its business through B2B and B2C channels as well with the first year revenue target of Rs 20 crore”

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The Gurugram based firm also eyes the physical retail market by the end of next year. These stores would serve as customer experience centres. The company statement said: “The company aims to establish 100 such stores over the next three years, with a particular focus on tier 2 cities”.

Worthy Cart Boasts Sophisticated Operational Standards

Worthy Cart features over 214 brands and more than 800 products. To ensure shoppers receive the best and safest beauty and wellness products, Worthy Cart employs a four-step product validation process. 

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This includes analyzing ingredients, conducting physical inspections, verifying legal compliance, and performing quality checks, according to company co-founder Sonya Sahni.

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VIP Clothing’s Quick Commerce Move: Fast Delivery via Swiggy Instamart

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VIP Clothing’s Quick Commerce Move: Fast Delivery via Swiggy Instamart

VIP clothing Ltd. an inner wear titan debuts in the rapid commerce market by partnering with Swiggy Instamart. 

This agreement allows the company to make quick 10-minute delivery of its men’s innerwear brand, Frenchie. 

VIP Clothing Debuts in the Rapid Commerce Market 

Through this venture the company is targeting modern consumers, who value time and convenience. VIP clothing has been an industry leader in its domain and its entry into the quick commerce market promises to further solidify its business. 

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VIP Clothing: An Industry Leader in Intimate Apparel

Driven by the expanding middle class, urbanization, and the growth of e-commerce, the company’s revenue rose by 13% to USD 7.2 million in Q2 FY25, up from USD 6.2 million in Q2 FY24.

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VIP, one of India’s leading manufacturers of intimate apparel, offers a wide range of products across various market segments under multiple brands, including Feelings, Leader, Frenchie, and VIP.

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Rcube Projects to Launch Rs 120 Crore Mall in Noida, Plans Another in Delhi

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Rcube Projects to Launch Rs 120 Crore Mall in Noida, Plans Another in Delhi

Rcube Projects Pvt Ltd has committed Rs 120 crore to launch the Rcube Monad Mall in Noida, which spans 2,50,000 sq. ft. in GLA. 

In addition, the company plans to invest Rs 80 crore in another project in Pitam Pura, Delhi, covering 1,00,000 sq. ft. of space.

Project Official Explains Details of the Upcoming Mall

The mall’s layout allocates 40% of the space to Family Entertainment Centers (FEC) and Food & Beverage (F&B) outlets, while the remaining 60% is dedicated to retail, according to Anuj Malhan, founder of Rcube Projects Pvt Ltd, in an interview with ETRetail.

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In a statement, Malhan made the following comments: “It will take us at least one year to get the Noida mall at the sustaining level and post that we will be able to get our RoI. The mall runs on the lease model with a minimum guarantee and revenue share from the tenants”

Ambitious Targets & High Profile Brands Onboarded 

Housing around 80 brands, the mall expects to reach 90-95 occupancy by March next year. He further continued: “By April, we’ll be launching a mall loyalty program and once the mall is fully operational, we are expecting a footfall of 14,000 – 16,000 over the weekends and 8,000 – 9,000 over the weekdays,”

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The mall features a carefully curated mix of both national and international brands, including Lifestyle, Fab India, Modern Bazaar, Nestasia, and Home Stop, along with specialty stores such as Shoppers Stop Beauty, Metro Shoes, Dayal Opticals, Nykd by Nykaa, Sweet Dreams, and Bata. It also offers a variety of F&B chains like Starbucks, Blue Tokai, Miss Nora, Birch by Romeo Lane, Amritsari Express, and Haldiram. For entertainment, the mall includes MovieMax Edition and Funky Island, providing a complete shopping and leisure experience.

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Swiggy Expands Dineout with “Scenes” for Event Bookings at Partner Venues

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Swiggy Expands Dineout with “Scenes” for Event Bookings at Partner Venues

Foodtech giant Swiggy has launched a fascinating new service name “Scenes” offering customers to book events at their partner restaurants.  

A part of its “Dineout” offering, the service lets users book events, live music, events, celebrations etc at partner venues. 

Swiggy’s Scenes Joins a Growing List of New Services 

Swiggy’s latest offering joins a growing list of services developed by the company. This includes a recently released premium invite-only membership programme, One BLCK. Swiggy also launched its 10 minute food delivery service named Bolt a couple of months back. 

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This appears to be Swiggy’s first new initiative for its out-of-home consumption vertical in the past year. This vertical includes its exclusive events and experiences platform, Swiggy SteppinOut, as well as the restaurant reservations and booking service, Dineout. 

Swiggy’s Financials Paint a Positive Picture 

In Q2 FY25, Swiggy generated INR 60 crore in revenue from this vertical, marking a 71% increase from INR 35 crore in the same quarter last year. According to Swiggy’s investor presentation, the company expects its out-of-home consumption vertical to reach adjusted EBITDA break-even by the end of the current fiscal year. 

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The vertical’s losses shrank by 79%, falling to INR 9.26 crore from INR 44.34 crore in Q2 FY24. The adjusted EBITDA margin as a percentage of GOV improved to -1.3% in the latest quarter, compared to -8.8% in the previous year’s quarter.

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Uber Launches Moto Women in Bengaluru: A Women-Only Bike Ride Service

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Uber Launches Moto Women in Bengaluru: A Women-Only Bike Ride Service

Uber has launched a new service named Uber Moto Women in Bengaluru offering women only bike rides. 

This service would connect women drivers to women riders, and would thus address women safety and mobility concerns. 

Uber’s Moto Women Would Soon Scale Operations Across India 

The company intends to soon scale its operations to all major cities in India, as it sees great potential for it. The head of regional business operations of the company Abhishek Padhye told Business Standard: “For Uber, this is a global-first initiative. We don’t have such women-only products anywhere else in the world. We started with Bengaluru, as it is the largest market for bike-taxis. The city sees 5 million bike-taxi trips across all the platforms per month and this serves about a million riders and 100,000 drivers.”

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Explaining the rationale behind the first of its kind service in the world, he explained: “Last mile transportation is in huge short supply in Bengaluru. What we realised is that 30 per cent of our women riders were already taking bike-taxis. With Uber Moto Women, we’re not just offering a safer and more convenient ride option for women, but also empowering female drivers with the opportunity to earn flexibly in one of India’s fastest-growing mobility segments”. 

Moto Women Serves a Huge Untapped Market 

This service was launched after extensive consultation with women and a deep understanding of their safety and mobility concerns. 

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Bike taxies are super affordable, quick and a very attractive commuting option in major cities and this new women only service by Uber promises to cater to a huge untapped market. 

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